Gold: Await clarity - OCBC

There are still confusion over US tariffs on 1-kg and 100-oz Gold bar imports from Switzerland. Last seen at 3357 level, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Mild bullish momentum on daily chart intact

"Gold was initially exempted from tariffs (back in Apr) but the letter from customs and border protection agency (which was seen by FT) had reclassified this one kilo Gold bar import from Switzerland under a custom code that is subjected to 39% tariff, instead of being tariff-free. Subsequently there was a report from Trump administration quoting an official to suggest that it would issue a new policy clarifying that imports of Gold bars shouldn't face tariffs."

"According to the official, the administration intends to post an executive order in the near future to clarify what it called misinformation about the tariffing of Gold and other specialty products. As of now, Swiss refiners have stopped sending kilobar Gold to US, pending clarification, which should come soon. Interim confusion may see heightened volatility."

"XAU slipped, in response to the report quoting a White House official. Mild bullish momentum on daily chart intact but RSI shows signs of falling. Support at 3350 (21, 50 DMAs), 3290 levels. Resistance at 3450, 3500 (2025 high)."